北京市北斗鼎铭律师事务所 关于招商局公路网络科技控股股份有限公司 2024 年年度股东大会的 法律意见书 二○二五年六月 北京市北斗鼎铭律师事务所 北京市北斗鼎铭律师事务所 关于招商局公路网络科技控股股份有限公司 2024 年年度股东大会的 法律意见书 致：招商局公路网络科技控股股份有限公司 北京市北斗鼎铭律师事务所（以下简称本所）接受招商局公路网络科技控股 股份有限公司（以下简称公司）的委托，指派本所律师出席公司 2024 年年度股 东大会（以下简称本次股东大会），对本次股东大会的有关事项进行见证。本所 律师依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）、《上市公司股东大会规则》（以下简称 《股东大会规则》）、《上市公司治理准则》（以下简称《治理准则》）等法 律、行政法规、部门规章和规范性文件，以及《招商局公路网络科技控股股份有 限公司章程》（以下简称《公司章程》）的规定，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，出具本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的有关本次股东大会的相关 文件。本所律师仅根据本法律意见书出具日以前 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-25 招商局公路网络科技控股股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决议案的情况； 2、本次会议采取现场投票与网络投票结合的表决方式。 一、会议召开和出席情况 2025 年 4 月 3 日，招商局公路网络科技控股股份有限公司（以下简称"公 司"或"招商公路"）董事会以公告方式向全体股东发出召开公司 2024 年度股 东大会的通知。本次会议以现场会议与网络投票相结合的方式召开。其中，通过 深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 6 月 6 日 9:15— 9:25,9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网系统投票的具 体时间为 2025 年 6 月 6 日 9:15—15:00。现场会议于 2025 年 6 月 6 日下午 14： 30 分在公司 11 层会议室召开。 本次会议召集人为公司董事会。根据公司《章程》规定，经全体董事过半数 同意，推选董 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-23 招商局公路网络科技控股股份有限公司 关于以集中竞价方式回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股份回购方案概述 1 210,594,617.17 元（不含交易费用），本次回购符合法律法规、规范性文件的有 关规定及公司股份回购方案的要求。 三、其他说明 公司回购股份的时间、数量、价格及集中竞价交易的委托时段符合《深圳证 券交易所上市公司自律监管指引第 9 号——回购股份》第十七条和第十八条的相 关规定。具体说明如下： （一）公司未在下列期间回购公司股份： 1、自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； 2、中国证监会和深圳证券交易所规定的其他情形。 招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"） 于 2024 年 10 月 16 日召开第三届董事会第二十五次会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司以集中竞 ...

根据《公司法》《公司章程》等有关规定，田学根先生的辞职未导致董事会 成员低于法定人数，上述辞职申请自送达本公司董事会之日起生效，辞职后，田 学根先生均将不在公司担任任何职务。截至本公告披露日，田学根先生均未持有 公司股票。 田学根在担任公司董事、专门委员会委员期间，勤勉敬业，恪尽职守，切实 维护了公司和全体股东的权益。公司董事会对田学根先生在担任公司董事期间所 做的工作表示衷心感谢！ 特此公告。 招商局公路网络科技控股股份有限公司董事会 二〇二五年六月三日 证券代码：001965 证券简称：招商公路 公告编号：2025-24 招商局公路网络科技控股股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 招商局公路网络科技控股股份有限公司（以下简称"公司"）董事会于近日 收到公司董事田学根先生提交的辞职申请。因工作原因，田学根先生申请辞去公 司董事及其在审计委员会、薪酬与考核委员会中担任的职务。 ...

Group 1 - Two officials from central ministries have been appointed to local governments: Hu Binchen as Vice Governor and Director of Public Security in Jiangsu Province, and Zhao Chenxing as a member of the Hebei Provincial Committee and Vice Governor [1][8][9] - This week, multiple provincial government personnel adjustments occurred, with eight vice governors appointed, including four local officials promoted and two from central enterprises [1][2] - The newly appointed officials predominantly belong to the post-70s generation, with the youngest being Xu Zhiwen, born in August 1973, indicating a generational shift in provincial leadership [2][3] Group 2 - Hu Binchen has a long tenure at the Ministry of Public Security, focusing on international police cooperation, and has been involved in significant international law enforcement efforts [5][6] - Zhao Chenxing has extensive experience at the National Development and Reform Commission, where he served for over 21 years, including roles as spokesperson and Secretary-General [9][10] - The local promotions include experienced officials such as Chu Wei, who previously served as Secretary of the Shizuishan Municipal Committee, and Xu Zhiwen, who has held various leadership roles in Sichuan [12][14] Group 3 - Two executives from central enterprises have also been appointed: Zhao Feng from Taiping Life Insurance as Vice Governor of Hainan Province, and Wang Xiufeng from China Merchants Group as Vice Mayor of Tianjin [2][21][23] - The appointments of these executives are seen as a way to inject new vitality into local governance, leveraging their management experience and understanding of economic operations [2][19] - The new appointees generally hold advanced degrees and have specialized expertise in their respective fields, enhancing the governance capabilities of their provinces [2][10][19]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.08% as of May 30, 2025, with mixed performance among constituent stocks [1] - Among the top-performing stocks, China Merchants Highway (001965) rose by 2.51%, Anhui Expressway (600012) increased by 2.44%, and Shandong Expressway (600350) went up by 2.04% [1] - Conversely, Cai Bai Co., Ltd. (605599) led the decline with a drop of 3.70%, followed by Weifu High Technology (000581) down 1.69%, and Tunnel Engineering (600820) down 1.63% [1] Group 2 - The National Development and Reform Commission's report indicates a 3.9% year-on-year increase in road personnel flow and a 5.4% increase in road freight volume in Q1 2025 [1] - The performance recovery of highway companies is supported by the reduction in Loan Prime Rate (LPR) and optimization of debt structure [1] - The State-Owned Enterprises Dividend ETF (159515) closely tracks the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.18% of the index, including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The upcoming revisions to the toll road management regulations are expected to reduce reinvestment risks and enhance long-term returns for the industry [2]

Core Points - The China Securities Central Enterprises New Momentum Theme Index (央企新动能, 931522) rose by 1.45% to 1561.4 points with a trading volume of 13.948 billion yuan on May 29 [1] - Over the past month, the index has increased by 0.67%, but it has decreased by 4.52% over the last three months and by 5.92% year-to-date [1] Index Composition - The index consists of 45 representative listed companies from state-owned enterprises under the State-owned Assets Supervision and Administration Commission, focusing on manufacturing, technology, and modern service industries [1] - The top ten weighted stocks in the index are: Hikvision (10.04%), Guodian NARI (9.88%), Changan Automobile (8.93%), AVIC Optoelectronics (7.16%), AVIC Aircraft (4.0%), China Software (3.84%), China Merchants Highway (3.63%), AVIC Chengfei (3.28%), Shenzhen South Circuit (3.26%), and Baoxin Software (3.2%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 59.38%, the Shanghai Stock Exchange for 40.31%, and the Beijing Stock Exchange for 0.31% [1] - In terms of industry composition, the index holdings are distributed as follows: Industrial sector 50.43%, Information Technology 33.68%, Consumer Discretionary 9.38%, Communication Services 4.06%, Financials 1.65%, and Materials 0.79% [2] Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, and in special circumstances, the index may undergo temporary adjustments [2]

Summary of Wuhu Expressway Conference Call Company Overview - Wuhu Expressway is the only publicly listed expressway company in Anhui Province, China, established in August 1996 and listed on both the Hong Kong Stock Exchange (code: 00,995.HK) and A-share market (code: 600,012) [3][4] - The company has seen its market capitalization grow from 250 million to 1.16 billion by the end of 2024 [3] Financial Performance - Net profit increased from 180 million in 2000 to 1.67 billion in 2024, with a compound annual growth rate (CAGR) of 9.97% [2][4] - Total expressway mileage expanded from 120 kilometers in 2000 to 609 kilometers in 2024, with an expected increase to 745 kilometers by the end of 2025 [2][4] - The stock price has appreciated significantly, with a 100-fold increase from 1996 to 2025 and a 12-fold increase from 2003 to 2025 [2][7] - The average annual dividend payout ratio over the past three years is 52%, with an average dividend yield of 3.7% [8][9] Strategic Direction - The company is shifting its strategy from scale expansion to improving quality and efficiency, focusing on the output ratio of each road [6] - Major shareholders include Anhui Provincial Transportation Investment Group (31.6%), Hong Kong investors (approximately 30%), and China Merchants Expressway (24.4%) [6] - Future projects will be concentrated near economically developed regions such as the Yangtze River Delta and the Pearl River Delta [6] Recent Developments - In March 2025, Wuhu Expressway completed the acquisition of two new expressway assets in Anhui, increasing total mileage to 745 kilometers, which is expected to contribute to revenue in the second half of the year [10] - The company has implemented differentiated toll pricing, expanding discounts for certain vehicle types from 85% to 95% [12] Market Context - The A-share expressway sector consists of 19 listed companies, with Wuhu Expressway having an average price-to-earnings (P/E) ratio of 16.5 and a weighted price-to-book (P/B) ratio of 1.5 [8] - The expressway sector index has seen an average increase of over 60% in the past five years, with some stocks doubling in value [8] Recovery and Growth Drivers - The expressway transportation sector experienced rapid recovery in 2023, with increased vehicle flow leading to significant growth in performance and stock price [11] - Key growth drivers include the increase in vehicle flow and the continuous acquisition of new road assets, which is expected to yield an annualized growth rate of around 10% [13] Future Outlook - The stock is anticipated to achieve a double-digit dividend yield within five years, positioning it as a defensive asset during market volatility [14]

招商局公路网络科技控股股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0249 号 招商局公路网络科技控股股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].